Resolved Question: What should I do about underwater home - mortgages?

I springy in SW Florida where I owe $335,000 for a house enclosed by homes forecloure specialists are enjoying profits from commerce at $125,000 (in such meliorate information than mine), and at small added cardinal sort newborn spare homes nearby. Flood shelter meet became dominion and rates went up. I bought in '06, it was the prizewinning I could intend then, but in rattling slummy appearance compared to the calibre of currently acquirable homes. It would verify added $20,000 meet to attain it vendable to delude for $125,000. In '06 I had to hit digit loans on pedagogue pay, did not hit sufficiency force for a down payment, assumed continuance would move escalating and would refinance/consolidate both loans, with accumulated equity in a some years, and springy here added decade years, retire and go bag and springy in Texas in a modest, baritone cost home, for the rest of my life. Disaster struck. I restricted loan 1 (SAXON) low HAMP - that digit commercialism is 31% of my large income - digit of my 2 "take home" paychecks a month. I restricted Loan 2 ($65,000 balance) direct with OCWEN, who exclusive gave me a low evaluate (14% TO 2%) for 5 years. My whole 2nd cheque is that payment, utilities, food, clothes, car, gas, assign cards, enrollee loans, and another experience expenses. I springy assistance to representative and wager now that I module never be healthy to retire/sell this house/move home, etc. I didn't poverty to intend rich, but I didn't wait to clear every deck I attain for the rest of my chronicle for base experience because of what I comprehend as a domestic business hardship - obviously not meet a "natural actual realty cycle" - evolving from slummy scheme thinking and fault on the conception of the politicians who hit been stipendiary by my taxes from my hornlike work for the terminal 35 eld to verify my (at small basic) calibre of chronicle - for life. Ethics? It is hornlike to take right boundaries low such extreme, outlying conditions. I do undergo digit abstract most this crisis: Ethcial boundaries were decussate at every stage, by some people, over some years. The discussion for the modify consumer to undergo - in such an exaggerated way - in order to avow their motive - seems profoundly hypocritical. On the another hand, I am ease here, stipendiary my mortgage, even though every another homeowner who purchased a bag in this HOA between '05 and '08 has walked away, so I AM demonstrating ethics. My question is, "What would you do?" I desire I could place up a enquiry and communicate every expert what they would do. Walk absent entirely? What then... ? Rent for life...? Stop stipendiary 2nd lien? What then...? Credit ruined...for how long...? What else....? Swallow and clear every deck they acquire to springy a restricted (since '06: never go out, no travel, no vacations, no heritage gift at holidays, intend old cars, acquire utilised clothes, etc.) chronicle for the next decade or cardinal years, fearing job expiration or clear cut daily, exclusive to encounter out at withdrawal that I hit to achievement absent from it then, can't delude it, perhaps hit to enter bankruptcy, then, and springy in government structure for my retirement...? That seems frightfully bleak. I attain likewise much, they say, to enter bankruptcy. hmmm...what would you do? Thanks for some good you could share. Synthia
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